Volt Information Sciences Inc (NYSE:VOLT) Q3 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 05:00 pm ET

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Volt Information Sciences Inc (NYSE:VOLT) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to Volt Information Sciences Third Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Joe Noyons, Investor Relations.

Executive
Joe Noyons

Thank you, Lauren and good afternoon, everyone. Thank you for joining us today for Volt Information Sciences third quarter fiscal 2020 earnings call. On the call today are Linda Perneau, President and Chief Executive Officer; and Herb Mueller, Senior Vice President and Chief Financial Officer.After the market closed this afternoon, the Company issued a press release announcing its results for the third quarter of fiscal year 2020. The release is available on the Company's website at volt.com, as well as the EDGAR SEC website filed as a Form 8-K.

Before beginning today's prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors, including, but not limited to, potential impacts of the COVID-19 pandemic on our business operations. We refer you to Volt Information Sciences' recent filings with the SEC for a more detailed discussion of the risks that the Company's future operating results and financial condition.

Also on today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. A reconciliation of those measures to GAAP measures is included in the earnings press release issued this afternoon.

With that, I would like to turn the call over to Volt's President and CEO, Linda Perneau. Linda?

Executive
Linda Perneau

Thank you, Joe and welcome to Volt's third quarter fiscal 2020 earnings call. I hope that everyone continues to remain safe and healthy.

Today, I will open the call with high-level commentary on our third quarter results, specifically the impact of COVID-19 on Volt's business operations and the steps we have taken to preserve and improve our financial position.

Herb will provide a more detailed overview of our financial performance. I will then provide some additional insights into the progress we are making on several of our strategic initiatives, despite the ongoing impact of the COVID-19 health crisis. And finally, I will briefly provide some recent trends we are seeing as we move through our fiscal fourth quarter.

Let me start first with an overview of Q3. The effects of COVID-19 continued throughout the third quarter. But we were encouraged to have realized moderate month-over-month improvement as the economy gradually recovered and businesses slowly reopened. As we shared during our prior quarter earnings call, the COVID impact extended beyond April with revenue hitting a low point in May. After what we believe to be the trough of a decline of 25% in the month of May, we saw June rebound to negative 16% and further progression in July to negative 14.6%. Barring any unforeseen resurgence of COVID-19, we believe the worst is behind us,